$1.5M Bet On Vestis? Check Out These 4 Stocks Insiders Are Buying
Portfolio Pulse from Avi Kapoor
The article highlights notable insider trades in four companies: Global Partners LP, Vestis Corporation, Citi Trends, Inc., and HF Sinclair Corporation. Insider purchases often indicate confidence in the company's prospects. The trades include significant share acquisitions by key insiders, despite some companies reporting downbeat or mixed financial results.
May 21, 2024 | 11:44 am
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Citi Trends, Inc.'s 10% owner Pleasant Lake Partners LLC bought 41,450 shares at an average price of $22.85, costing around $946,940. This follows the company's worse-than-expected fourth-quarter financial results reported on March 19.
The insider purchase indicates a belief in the company's recovery or undervaluation, which could lead to a positive short-term impact on the stock price despite recent poor financial performance.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 85
POSITIVE IMPACT
HF Sinclair Corporation's Director Franklin Myers bought 6,500 shares at an average price of $57.37, spending around $372,905. This follows the company's mixed first-quarter financial results and announcement of a new $1 billion stock buyback on May 8.
The insider purchase, combined with the announcement of a significant stock buyback, suggests confidence in the company's future, likely leading to a positive short-term impact on the stock price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 75
POSITIVE IMPACT
Global Partners LP saw its Global GP LLC acquire 30,000 shares at an average price of $44.19, costing around $1.33 million. This insider purchase comes despite the company posting downbeat quarterly results on May 8.
The significant insider purchase indicates confidence in the company's future prospects, which could positively impact the stock price in the short term despite recent downbeat results.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Vestis Corporation's 10% owner Keith A. Meister acquired 116,044 shares at an average price of $12.59, costing around $1.46 million. This comes after Redburn Atlantic analyst Oliver Davies downgraded the stock from Buy to Neutral on May 7.
The large insider purchase suggests strong confidence in the company's future, which may counteract the negative impact of the recent analyst downgrade, potentially leading to a positive short-term price movement.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90